Mission Viejo, CA

Let' s begin this series with terms that are the topic of nearly every real estate conversation these days.

REO, Foreclosure and Bank Owned are terms that refer to the same thing; a property (also referred to as an asset) that has been taken back by a bank or financial institution due to default on a loan or debt that was secured by that property. While a foreclosure is actually a legal process, it is also used to describe a property that has been through the foreclosure process and is aslo referred to as a REO (Real Estate Owned) or Bank Owned.

When these properties are listed for sale by real estate agencies, the title is usually clear and there are no liens. As a good consumer, you should verify the status of the title and not assume anything. Caveat emptor - let the buyer beware.

Please use these definations for informational purposes only and should not be construed as legal advice.

The Orange County Register's Jonathan Lansner and Jeff Collins interviewed experts and they talked.

The common theme was that the market would have a modest continuation of the mild housing recovery we've witnessed in recent months. The 13 experts that talked were asked what bothered them.

1. One thought the lack of inventory causing as many as 20 offers on the conforming loan price range was a problem.

2. The unknown factors in the economy unemployment, increased interest rates, and the renewal of the tax credit.

3. What is going to happen to the foreclosures.

4. What will happen to the millions properties in default.

5. The homeowners who are trying to find away out of the problem.

6. Lack of inventory below $500,000.

7. The number of jumbo option arm loans adjusting and no financing liquidity.

8. Empty commercial buildings.

9. When the end of federal subsidies to buyers may freeze the market.

10. The number of commercial real estate defaults.

11. The news media sturing up fear about the real estate market.

12. The down turn in commercial real estate.

13. The fear that I do not purchase enough property now.

As you can see from the experts that talked the recovery is still in question.

Casta del Sol in Mission Viejo, only has two more get togethers before the end of this year. November 5, at 6:30 will be our Election Party at which we will serve Pizza, free for member and $3 for guests. It is a BYOB! Please make sure to sign up at Rec center 1, so that we have enough pizza for all. Kip will be presenting a slide show from our past events and I know you don't want to miss seeing yourself on the big screen. Don't forget, you will need to vote for the board while having fun.

Our annual Holiday Party is going to be on Saturday December 5th. sign-up start on November 5th. Dinner will be catered by Jolanda's with a mixture of surprises thrown in, so make sure to save yourself a spot!.

Our last boogie night for this year is on Nov. 7 at 6:30 in Vista Room and is open to all. Cost is $1 at the door, no sign-up required and light snacks will be served. BYOB at boogie nights. Come find out about Casta del Sol, Mission Viejo and you will love i,t as much as we do!

Casta del Sol Aerobic classes are held every Tuesday and Thursday at 8:30am. The Insturtor Leila makes sure that we use a variaty of different equipment to produce over all fitness. Using such things as weights, balance pods, stretch bands and stretch tubs in both standing or on floor mats to get the maxium benifit out of all of them.

We complain sometimes by moaning and groaning but we know that working out will increase our balance plus keep our bones and muscles strong. Leila ends each class with 10 minutes of stretching.

Body Sculpting is the most rewarding and sucessful program for building strength and improving balance.

Just to let all of you out there know, that may want to jion us, spring semster will be starting on January 12th and goes though May 6th 2010 all for a total of only $55 residents of Casta del Sol and $60 for non residents. Come join us, get fit and make new friends. Casta del Sol, Mission Viejo, CA Look us up!

Can't believe I am talking about January 2010 already!

Median price of $432,000 (single family detached and condos) in Orange County, are up 2.9% from one year ago. This is still 33% below the high of June 2007 of $645,000. The last two months have been an increase over the previous years price index.

Pricing for single family houses at the median of $500,000 there was 33% less housing sold now then at the peak of June 2007. Mostly due to the low inventory we are experiencing now and strict qualifying rules.

The median price of condos has reached $310,000 and is selling at 36% lower than the high in March of 2006.

The good news is that for Orange County, we have had an increase in the price of housing for the eigth month in a roll. We are going to have two months in concession that the year-over-year price is higher than the year before.